To your point about $$$ not flowing back any time soon, I agree 100%. What I think the market isn't understanding is that the massive consolidation across asset owners is only going to make it more difficult for asset managers who aren't significantly differentiated. As far as I can tell Magellan is in this group, and their insight/process isn't something that demands a unique mandate from a superannuation fund.
As asset owners merge, manager rationalisation/transition will take place. I know of 3-4 asset managers across various asset classes who are expecting to lose mandates over the next year, as the newly merged asset owners cull managers and streamline their businesses (and costs). So for example where QSuper and Sunsuper had say 10 international equity managers across both businesses, that probably now becomes 6 with potentially some funds managed internally. Same with First State Super/VicSuper, AustralianSuper/ClubSuper, LGIA Super/Energy Super.
I'm speaking purely from an insto perspective. What retail does is anyone's guess.
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To your point about $$$ not flowing back any time soon, I agree...
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